News > Indian rupee is now aiming to be world’s alternate reserve currency

Indian rupee is now aiming to be world’s alternate reserve currency

The Indian Rupee (INR) has fallen sharply against the US Dollar (USD) in the last month. This has resulted in the purchasing power of the INR in the international market diminishing and has increased import costs significantly. India, which is heavily dependent on oil imports, suffers severely due to the devaluation of the INR. In a proactive response to this challenging situation, last July India signed a pact with the UAE to pay oil bills in INR.